Crypto political donations surge to $94 million pre election, exceed previous elections by 13%
- Crypto political action committees and industry donors have poured $94 million into Federal Political Committees since 2023.
- Coinbase and Ripple Labs donated over $40 million to political campaigns, supporting the cause for positive crypto regulation.
- A Digital Currency Group poll shows that crypto has become a major issue among voters in the 2024 US elections.
Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US.
Most political organizations have pooled member contributions and donated to funds to campaigns for or against candidates, ballot initiatives or legislation. The Super Pac Fairshake has raised over $85 million to support pro-crypto candidates.
Crypto donations to support a pro-crypto candidate
The organization pool members are contributing and donating funds to campaigns that are pro-crypto, in an effort to bring a pro-crypto regulation in the US. Bloomberg reported that crypto industry donors injected $94 million into federal political committees.
Giants like crypto exchange Coinbase and Ripple Labs that are currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) have contributed their fair share to donations.
Coinbase CEO Brian Armstrong personally donated $1 million to the political action committees. Jeffrey Yass is the largest crypto industry contributor and has supported Republican candidates with his $70 million donation.
Crypto has emerged as a key issue in US political campaigns as several key jurisdictions regulate digital assets. Crypto industry giants acknowledge that it is critical to establish strong regulatory support within the US for projects and the market to flourish.
The 2024 presidential election is shaping the future of crypto and has emerged as a major issue for comments on both sides. Voters are receiving contrasting views from candidates, ranging from hostility to pro-crypto stances.
US election effects on crypto
Solana based meme coins BODEN and TREMP have rallied previously in response to developments in the US political campaigns. While President Joe Biden's administration has not exactly warmed up to crypto, former US President Trump has made pro-crypto statements in his rallies. Videos of Trump saying that campaign donations may be accepted in crypto, if not then he would arrange that. Statements and videos from the rally catalyzed gains in TREMP and BODEN meme coins.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
